25-9-701. Short title

25-9-701. Short title. This part may be cited as the “Uniform Foreign-Money Claims Act”. History: En. Sec. 1, Ch. 152, L. 1993.

25-9-702. Definitions

25-9-702. Definitions. In this part, the following definitions apply: (1) ”Action” means a judicial proceeding or arbitration in which a payment in money may be awarded or enforced with respect to a foreign-money claim. (2) ”Bank-offered spot rate” means the spot rate of exchange at which a bank will sell foreign money at a spot rate. (3) ”Conversion date” […]

25-9-703. Scope

25-9-703. Scope. (1) This part applies only to a foreign-money claim in an action or distribution proceeding. (2) This part applies to foreign-money issues even if other law under the conflict-of-laws rules of this state applies to other issues in the action or distribution proceeding. History: En. Sec. 3, Ch. 152, L. 1993.

25-9-704. Variation by agreement

25-9-704. Variation by agreement. (1) The effect of this part may be varied by agreement of the parties made before or after commencement of an action or distribution proceeding or the entry of judgment. (2) Parties to a transaction may agree upon the money to be used in a transaction giving rise to a foreign-money claim and […]

25-9-705. Determining money of claim

25-9-705. Determining money of claim. (1) The money in which the parties to a transaction have agreed that payment is to be made is the proper money of the claim for payment. (2) If the parties to a transaction have not otherwise agreed, the proper money of the claim, as in each case may be appropriate, is […]

25-9-706. Determining amount of money of certain contract claims

25-9-706. Determining amount of money of certain contract claims. (1) If an amount contracted to be paid in a foreign money is measured by a specified amount of a different money, the amount to be paid is determined on the conversion date. (2) If an amount contracted to be paid in a foreign money is to be […]

25-9-707. Asserting and defending foreign-money claim

25-9-707. Asserting and defending foreign-money claim. (1) A person may assert a claim in a specified foreign money. If a foreign-money claim is not asserted, the claimant makes the claim in United States dollars. (2) An opposing party may allege and prove that a claim, in whole or in part, is in a different money than that […]

25-9-708. Judgments and awards on foreign-money claims — times of money conversion — form of judgment

25-9-708. Judgments and awards on foreign-money claims — times of money conversion — form of judgment. (1) Except as provided in subsection (3), a judgment or award on a foreign-money claim must be stated in an amount of the money of the claim. (2) A judgment or award on a foreign-money claim is payable in that foreign […]

25-9-709. Conversions of foreign money in distribution proceeding

25-9-709. Conversions of foreign money in distribution proceeding. The rate of exchange prevailing at or near the close of business on the day the distribution proceeding is initiated governs all exchanges of foreign money in a distribution proceeding. A foreign-money claimant in a distribution proceeding shall assert its claim in the named foreign money and show […]

25-9-710. Prejudgment and judgment interest

25-9-710. Prejudgment and judgment interest. (1) Except as provided in subsection (2), recovery of prejudgment or preaward interest and the rate of interest to be applied in the action or distribution proceeding, with respect to a foreign-money claim, are matters of the substantive law governing the right to recovery under the conflict-of-laws rules of this state. […]

25-9-711. Enforcement of foreign judgments

25-9-711. Enforcement of foreign judgments. (1) If an action is brought to enforce a judgment of another jurisdiction expressed in a foreign money and the judgment is recognized in this state as enforceable, the enforcing judgment must be entered as provided in 25-9-708, whether or not the foreign judgment confers an option to pay in an […]

25-9-712. Determining United States dollar value of foreign-money claims for limited purposes

25-9-712. Determining United States dollar value of foreign-money claims for limited purposes. (1) Computations under this section are for the limited purposes of this section and do not affect computation of the United States dollar equivalent of the money of the judgment for the purpose of payment. (2) For the limited purpose of facilitating the enforcement of […]

25-9-713. Effect of currency revalorization

25-9-713. Effect of currency revalorization. (1) If, after an obligation is expressed or a loss is incurred in a foreign money, the country issuing or adopting that money substitutes a new money in place of that money, the obligation or the loss is treated as if expressed or incurred in the new money at the rate […]

25-9-714. Supplementary general principles of law

25-9-714. Supplementary general principles of law. Unless displaced by particular provisions of this part, the principles of law and equity, including the law merchant, and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating causes supplement its provisions. History: En. Sec. 14, Ch. 152, […]

25-9-715. Uniformity of application and construction

25-9-715. Uniformity of application and construction. This part must be applied and construed to effectuate the general purpose to make uniform the law with respect to the subject of this part among states enacting it. History: En. Sec. 15, Ch. 152, L. 1993.